The number of high-net-worth individuals (HNWIs) in Australia is growing, with more than 20,000 Aussies joining the fold in 2017, according to Capgemini's 2018 World Wealth Report.
The Australian HNWI population grew 9.2% across the past year, with 278,000 Aussies now holding more than $1 million of investable assets.
Cagemini Australia and New Zealand financial services practices lead Philip Gomm attributes the growth to superannuation savings.
"In Australia, we have seen superannuation savings provide a key contributor to HNWI growth. Superannuates with more than $1 million in investable assets will increasingly require the sophistication of hybrid investment services, where advanced analytics coupled with robotic processes can contribute to ongoing returns," he said.
In addition, according to Mr Gomm, non-financial services tech giants - otherwise known as BigTechs—such as Amazon, Alibaba, Apple and Google—are battling to enter the wealth management space as HNWIs across the globe demand hybrid advice.
"The race is on to beat BigTech firms in providing the best investment performance analytics and automated processes on an intuitive easy to use platform," he said.
The threat of tech-first businesses entering the fray has forced wealth management firms to accelerate the transformation of their advice models to incorporate "hybridity".
However the research claimed the transformation needed quicker implementation, with Capgemini highlighting lower HNWI satisfaction with hybrid-advice, and HNWIs' curiosity about wealth management services offered by BigTechs - with more than 50% of HNWIs expressing interest. According to the report, the impact of HNWI interest in BigTech could translate to potential asset flows of $12 trillion.